Insurance
Integrity Life launches lifetime discount offer

Integrity Life has launched an 8% discount for the lifetime of a policy across its lump sum products, designed to ensure sustainable pricing for its life insurance products.

The insurer said the move strongly aligns with the best interests of financial advisers and consumers.

"The financial services Royal Commission highlighted that the customer's interests must come first, and products must be appropriate for their needs," Integrity Life managing director Chris Powell said.

"This simple principle is something that businesses such as ours are seeking to address and to play a valuable role in the evolution of our industry towards this mindset."

Integrity Life said the decision to only allow discounts on lump sum products is aligned with regulator and industry concerns on the sustainability of income protection.

"As an insurer with a completely blank canvas, we are in the fortunate position of being able to play a role in building a more sustainable life insurance industry," Powell said.

"When thinking about the best way to price our products, we made the deliberate decision to ensure they are all priced individually and sustainably. We believe this transparency in pricing will help advisers build trust and loyalty with their clients."

The discount will be on the standard premium each year for the life of the policy and will only be offered on policies with two or more different covers with the discount applied on the lump sum.

Read more: Integrity LifeChris Powell
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